I know it's been a few years since you posted this, but I just signed on with this forum.
I still have a 701. Mine is metallic green. Great frame. The geometry fits me so well i have a hard time letting her go. I changed just about everything else out.
marzocchi bomber up front. (she used to have a mag 21, then went to Judy, and a Manitou)
xt/lx brakes, shifters, derailluers
lx cranks
xt bottom bracket
king headset (don't know why i spent this much on a headset, but it's cool)
raceface bars
used to have a kore stem but then I got old and had to buy a cheapy to raise the bars.
crank bros egg beaters (dear god, these things are awesome)
I've put a lot more money into the bike than it's worth, but when you find a bike that just "feels right," don't let it go.
Light, strong frame. Almost 20 years old, tons of XC and downhill (nothing crazy though). Lost it over a cliff once. Rim was shot and had to walk her down, but everything else was good. Every weld and tube is still as good as new (barring some missing paint)
Since i first purchased the 701, I've also bought a Schwinn, Gary Fisher, 2 Diamond Backs (one was a full suspension) a Novara and a GT i drive.
This and the Gary Fisher are the only ones I've kept.
The one other thing i like about this bike is that it's unique (in a vanilla sort of way). In all my time out there, I've never seen another 701.
If you still have it, enjoy the bike.